Is Agnico Eagle Mines (AEM) Stock Outpacing Its Basic Materials Peers This Year?

Zacks Equity Research

December 17, 2019 at 11:30 a.m.

Investors focused on the Basic Materials space have likely heard of Agnico Eagle Mines (AEM), but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.

Agnico Eagle Mines is a member of our Basic Materials group, which includes 247 different companies and currently sits at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. AEM is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for AEM's full-year earnings has moved 19.25% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the latest available data, AEM has gained about 48.49% so far this year. Meanwhile, stocks in the Basic Materials group have gained about 14.26% on average. This shows that Agnico Eagle Mines is outperforming its peers so far this year.

Looking more specifically, AEM belongs to the Mining - Gold industry, which includes 35 individual stocks and currently sits at #43 in the Zacks Industry Rank. This group has gained an average of 43.86% so far this year, so AEM is performing better in this area.

Going forward, investors interested in Basic Materials stocks should continue to pay close attention to AEM as it looks to continue its solid performance.

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